The ECB can act in a "very forceful way" if needed, the bank's Ewald Nowotny tells CNBC, but now...

The ECB can act in a "very forceful way" if needed, the bank's Ewald Nowotny tells CNBC, but now is not yet the time for another LTRO or assistance to Spain. Interest rates "are at a very low stage." Talk like this seems to encourage more selling of the periphery as markets seek out the ECB's "uncle" point.